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6th November 2018
CMA revokes directions given to TSB Bank
The Competition and Markets Authority (CMA) has issued directions TSB Bank on 2nd March, 2018, to ensure compliance with Part 6 of the Retail Banking Market Investigation Order 2017. The Retail Banking Market Investigation Order 2017 (the Order) followed the CMA’s market investigation into retail banking.
From 2nd February, 2018, providers of personal current accounts must start to automatically enrol customers to receive alerts when they:
• have attempted to exceed a pre-agreed credit limit and could incur charges
• have exceeded a pre-agreed credit limit and could incur charges
• are at significant and imminent risk of exceeding a pre-agreed credit limit and could incur charges
• are at significant and imminent risk of incurring charges
These Directions ensure that TSB Bank fully complies with Part 6 of the Order by 30th September, 2018 and compensates any of its customers who have been negatively impacted by its failure to do so earlier.
On 2nd November, 2018, the CMA revoked the Directions given to TSB Bank plc on confirmation by the Bank that it had met the requirements of the Directions to the satisfaction of the CMA.